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  • 29-03-23

    Bahrain's GDP Growth Rate Reaches Highest Since 2013, Boosted by Economic Recovery Plan

    (MENAFN) Bahrain's Ministry of Finance and National Economy announced that the country posted a real gross domestic product (GDP) growth rate of 4.9 percent in 2022, the highest economic growth pace since 2013. The annual economic report also highlighted that Bahrain is making steady progress in its economic diversification journey, with its non-oil real GDP witnessing 6.2 percent growth in 2022, the highest since 2012. The growth of Bahrain's non-oil GDP in 2022 surpassed the 5 percent annual target set by its economic recovery plan.

    Launched in 2021, Bahrain's multi-year five-pillar economic recovery plan aims to enhance the strength of the Kingdom's economy, its long-term competitiveness, and its recovery post-pandemic. The plan's comprehensive reforms have catalyzed over $30 billion for investment and significant labor market and regulatory reforms to improve the ease of doing business. The program is touted to be Bahrain's largest-ever reform program.

    Bahrain's Minister of Finance and National Economy, Shaikh Salman bin Khalifa Al Khalifa, said that the positive results posted in the annual report are the culmination of many years of hard work and careful planning by the Government of Bahrain to lay the foundations for a sustainable, diverse, and prosperous economy. The comprehensive Economic Recovery Plan, launched in 2021, is an investment in the nation's people, businesses, and future.

    The annual report also revealed that Bahrain reported a drop in deficit to GDP to -1.1 percent, a drop in debt to GDP to 100 percent, and a primary surplus of 3.3 percent. The country's economic recovery plan is focused on achieving a balanced budget by 2024, providing long-term fiscal sustainability, and creating an economy that delivers for everyone across the Kingdom.

    In October 2022, Khalid Humaidan, CEO of Bahrain's Economic Development Board, revealed that the country is benefiting from a high level of foreign direct investment, securing $921 million in the first nine months of 2022. He also added that the board has identified six priority sectors which include manufacturing, logistics, tourism, information and communications technology, financial services, and oil and gas. By focusing on these priority sectors, Bahrain aims to achieve fiscal balance by the end of 2024 and grow its non-oil GDP in the country. Bahrain's economic recovery plan has boosted the country's GDP growth rate, signaling its progress in economic diversification and fiscal sustainability.

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